Are South Korean retail traders the only thing keeping Ethereum treasury companies alive?

tldr; South Korean retail traders are reportedly propping up Ethereum treasury companies with $6 billion in investments, according to Bitcoin advocate Samson Mow. These companies, holding about 5.49 million ETH, are marketed as the ‘next MicroStrategy,’ attracting traders seeking easy analogs to Bitcoin’s corporate accumulation strategy. Critics argue this enthusiasm is driven by financial illiteracy and warn of potential risks as Ethereum continues to underperform against Bitcoin, with its valuation seen as narrative-driven rather than based on fundamentals.

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